Chairman Kim Joo-hyun of the Financial Services Commission met with the heads of major banks along with Governor Lee Bok-hyun of the Financial Supervisory Service on November 27 as part of a series of meetings scheduled with financial sectors until the end of this year.

In his opening remarks, Chairman Kim talked about boosting integrity, social responsibility and innovation in the banking sector, emphasizing that the public needs to be able to trust bank employees, believe that financial services from banks are available for them in times of difficulty, and see that banking services are adopting high-tech and innovative technologies.

With regard to the revision bill of the Act on Corporate Governance of Financial Companies currently moving through the National Assembly’s legislative process, Chairman Kim said that this revision will help to establish an awareness among bank employees about the need to attend to their business more ethically.

On the issue of household debt, Chairman Kim said that, from the standpoint of ensuring a sustainable growth in the economy, the role of the banking sector is important to effectively manage household debt growth.

The seventeen domestic banks attending the meeting today are planning to draw up specific measures to help reduce the interest payment burden of small businesses and the self-employed. The banking sector also pledged to make efforts to establish appropriate internal control practices expected from them in preparation for the implementation of the revised Act on Corporate Governance of Financial Companies.

The FSC and the FSS plan to hold subsequent meetings with nonbank financial institutions to ensure close communication and mutual understanding with the industry.

* Please refer to the attached file for details.